(Alliance News) - MGC Pharmaceuticals Ltd on Tuesday said the Saudi Arabian Food & Drug Authority has granted approval for its proprietary Covid-19 treatment product ArtemiC as an over-the-counter dietary supplement.
The pharmaceutical company specialising in plant-derived medicines said this followed the success of phase 2 clinical trials and European studies on its effectiveness in assisting with the recovery of patients from Covid and long-term Covid.
MGC Pharmaceuticals noted that it appointed specialist consultancy Capital Blossom Ltd in 2022 as its agent to Saudi Arabia, Oman, United Arab Emirates, Bahrain, Kuwait, and Qatar.
Capital Blossom, through its joint venture collaboration with its Saudi partner have worked on obtaining the approval of the Saudi FDA.
We are delighted to receive Saudi FDA approval for ArtemiC which validates our product and follows the progress we had in USA earlier this year," said MGC Pharmaceuticals Chief Executive Officer & Managing Director Roby Zomer.
"We are hopeful this will materialise into commercial orders for MGC as we work closely with Capital Blossom Ltd who are specialists in this territory."
Shares in MGC Pharmaceuticals closed up 7.9% to 28.60 pence each in London on Tuesday.
By Greg Rosenvinge, Alliance News senior reporter
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